The Corporate Assembly in Norsk Hydro ASA on Friday approved two new members of the company's Board of Directors, Dag Mejdell and Victoire de Margerie.
Dag Mejdell is elected as a new board member effective from May 25, 2012, and the Board of Directors is expanded by one member.
Bente Rathe resigns from the Board of Directors and will be replaced by Victoire de Margerie, effective from October 1, 2012. Inge K. Hansen will take over as deputy chairperson after Bente Rathe from October 1, 2012.
After Friday's election, the Board of Directors in Norsk Hydro ASA consists of chairperson Terje Vareberg, deputy chairperson Bente Rathe (until October 1, 2012), shareholder-elected board members Inge K. Hansen (deputy chairperson as of October 1, 2012), Finn Jebsen, Liv Monica Bargem Stubholt, Tito Martins, Eva Persson and Dag Mejdell, and the employee-elected board members Billy Fredagsvik, Sten Roar Martinsen and Ove Ellefsen.
Victoire de Margerie will join the Board of Directors as a shareholder-elected board member as of October 1, 2012.
Hydro's board members are elected for a period of two years. This year, the shareholder-elected representatives were up for election.
Dag Mejdell (born 1957) is from Oslo and is President and CEO of Posten Norge AS. He is currently chairperson of International Post Corporation and the Employers Association Spekter and deputy chairman of Evry ASA and SAS AB. Mejdell also holds directorships within the Posten group.
Victoire de Margerie (born 1963) is from Paris and is an independent businesswoman, and Chairman & Managing Director of Rondol Technology Ltd. She is currently board member for Ciments Français, Morgan Crucible and Eurazeo.
Certain statements included within this announcement contain forward-looking information, including, without limitation, those relating to (a) forecasts, projections and estimates, (b) statements of management's plans, objectives and strategies for Hydro, such as planned expansions, investments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, as well as (i) statements preceded by "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar statements.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream aluminium business; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors.
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